ReneSola Power Announces Sale of Remaining 13MW of Project Rights in Poland

STAMFORD, Conn., Jan. 9, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of its remaining 13MW of project development rights in Poland to Warszawskie Przedsiębiorstwo Mostowe Mosty ("Mosty Group"), a Warsaw, Poland-based renewable energy project developer and EPC service provider.

In November 2018, ReneSola Power was awarded 26 solar utility projects in Poland with capacity of 1 MW for each. These remaining 13MW of project rights being sold are part of those 26 solar projects awarded to ReneSola Power. All of the 26 projects are under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff of PLN 354.8-358.8/MWh, close to the highest auction price of PLN 364.9/MWh.

ReneSola Power CEO Yumin Liu commented, "This sale of project rights to Mosty Group reflects ongoing strong execution by our European team under the leadership of Mr. Josef Kastner. This deal solidifies our leadership position in Poland, and opens other opportunities in Europe. With the closing of this transaction, we have shown our ability to develop and monetize solar projects across different geographies and at various points along the development cycle. We look forward to accelerating our growth and sustaining our profitability in the year ahead."

About ReneSola Power

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola Power (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola Power is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About Warszawskie Przedsiębiorstwo Mostowe Mosty

Based in Warsaw, Poland, Warszawskie Przedsiębiorstwo Mostowe Mosty ("Mosty Group") is a privately owned, medium-sized company. Its major businesses include (i) construction and comprehensive improvement of infrastructure, including roads and facilities, and (ii) deployment of green energy sources, such as wind and solar energy farms. In 2009, the Company diversified its business by expanding its operations in the renewable energy sector. Since then, it has been engaged in the production of electricity at wind farms with a total capacity of 30MW and solar farms with an installed capacity of 30MW.

SOURCE ReneSola Ltd.

Related Links

http://www.renesola.com/